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Abstract: 

The economies of Illinois and Chicago are among the deepest, most diversified in the United States, providing significant resources to support governmental operations and favorable credit ratings. However, years of poor financial decisions by political leaders have placed substantial burdens on the state, city, and other regional governments. As a result, credit ratings are among the lowest in the nation and spreads have widened significantly. A panel of local experts answers questions about how political decision making influences the ability of governments to provide services and make critical capital investments while also living up to the obligations they have to bondholders and other stakeholders.

Keywords: Illinois politics, Chicago budget crisis, public finance, pension liability, Illinois state budget

Affiliations:  1: Municipal Credit Analytic Services, LLC; 2: Civic Federation; 3: WBEZ, Chicago; 4: Crain’s Chicago Business.